Considered the most widely used method for pricing and hedging options by market participants worldwide, the Black-Scholes model (1973) assumes as one of its premises to claim that the probability distribution price of a stock at any future time, will always be considered log-normal. Assuming this premise does not apply to the behavior of stocks traded on the Brazilian market, based on the model s tendency to present lower prices for call options both inside and outside money, constituting a phenomenon known as volatility smile, it was this analyze in a comparative study for the period between September and October 2010, the behavior of the returns of some of the most actively traded stocks on BM&FBovespa, and estimate the daily prize of their options for models of Black- Scholes (1973) and modified Corrado-Su (1996) which sets out to eliminate phenomenon in question into consideration the variables of skewness and kurtosis in asset returns analyzed. It was observed that both models underestimated options out-of-money, while for options within-the-money, the models had values mostly close to the market. It was found that the Black Scholes model (1973) adjusted better choices out-of-money, at-the-money and in-the-money, although the Modified model Corrado-Su (1966) has obtained a significant representation among the events that had their prices closer to the market. Finally, the results suggest that although the Black-Scholes model (1973) fits slightly better for the Brazilian market, in general, we can’t say that one model is superior to another in call options pricing.